Bill > S750

This bill establishes uniform enforcement and confidentiality provisions for various financial services licensees under the jurisdiction of the Massachusetts Division of Banks, including debt collectors, third-party loan servicers, small loan providers, premium finance agencies, and sales finance companies. The bill introduces several key changes: it expands the commissioner's authority to investigate and examine licensees, allows the imposition of significant financial penalties (up to $5,000 per violation with a maximum of $100,000), and provides mechanisms for the commissioner to issue cease and desist orders and prohibit individuals from participating in financial services businesses. The bill also introduces strict confidentiality provisions for investigation records, ensuring that examination reports and related documents remain privileged and cannot be easily shared or subpoenaed. Additionally, the legislation provides the commissioner with broad powers to suspend or revoke licenses for violations of state financial regulations, and establishes criminal penalties including potential imprisonment for up to 6 months for serious infractions. These provisions aim to enhance regulatory oversight, protect consumers, and maintain the integrity of financial services businesses in Massachusetts by creating more robust enforcement mechanisms and confidentiality protections.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/194/S750